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<Research>Citi: Jan's Decline in Mainland CN Battery Industry's Planned Output Not Due to Actual Demand Drop; Top Pick CATL
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Citi's research report cited institutional estimates that the planned output of the top five battery manufacturers in Mainland China may shrink by 7% MoM in January 2026, with CATL (03750.HK) potentially declining by 10%, which was more than the market's original projection of an LSD drop. The weaker planned output in January may be due to negotiations among leading battery companies and upstream suppliers, rather than an actual decline in demand, in Citi's view. Besides, some major cathode material manufacturers announced plans for production halts in January for maintenance, given rising raw material prices and slim processing fee income, which the broker attributed to the rally in lithium carbonate futures prices. The broker maintained a defensive view on the battery industry chain for seasonal factors and feeble demand for EVs, indicating uncertainty in the outlook for planned output. The sector top pick was CATL, with target prices for its H shares and CATL (300750.SZ) A shares set at HKD621 and RMB571, respectively. AASTOCKS Financial News Website: www.aastocks.com |
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